RBC Capital Lifts Palo Alto Networks PT to $159 vs $145, Reiterates Outperform Rating

RBC Capital said Friday it is raising Palo Alto Networks’ (PANW) price target to $159 from $145 while reiterating an outperform rating.

“Palo Alto closed out a year of two halves on a high note, outperforming all metrics, with particular strength in license, total revenue, and billings, while issuing FY/18 guidance that should leave investors feeling better about the investment thesis,” RBC said in a note.

The broker said it is raising the price target “on increased estimates, as numerous drivers should help the company build on 2H/17 success into FY/18.”

RBC now expects fiscal 2018 revenue of $2.15 billion, up from previously $2.09 billion, and EPS of $3.29, up from previously $3.20.

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